New York — A 24-hour all-news cable television network is being planned by Westinghouse and ABC, two of the largest broadcast companies in the country. The organization is to be the nation's second all-news network, joining the Atlanta-based Cable News Network.
Reports indicate that the new network will cost between $35 million and $40 million during its first year of operation. Unlike the 1 1/2-year-old CNN system, the Westinghouse-ABC project intends to provide regional news spots prepared by 24 local stations. The network, funded by advertising, will provide to cable systems without charge.